The Allgaier Group, the family business of former employer President Dieter Hundt, is a group of companies active worldwide in the automotive and process engineering sectors. Above all, pressed parts, sheet metal and tools are manufactured for the automotive industry as well as sieving, drying and granulating systems.
Crises, restructuring and new CEO
In October 2019, Allgaier Group management announced massive cost cuts at the company’s headquarters in Uhingen, including job cuts. This has become particularly necessary due to the continuing trend of severely decreasing demand intake in the tooling industry. In order to achieve the necessary cost reductions, the on-site employees were willing to sacrifice their salaries. In return, the company’s management pledged to refrain from further layoffs until the end of 2022.
Dr. Achim Agostini took over as CEO of the Allgaier Group in October 2021. According to the new CEO, he has set himself the goal of taking responsibility for the upcoming changes in the Allgaier Group and working with the workforce to make it a success. Maintaining and expanding good cooperation with employees and company culture is more important to him. And the current order situation makes him confident about the company’s future:
Dr. says. Agostini, we currently have a stable and good system state again – as the basis for the successful continuation of Allgaier’s history.”
Allgaier can’t manage transformation on his own
Despite the optimistic statements of the new CEO, the company has been looking for a financier for months. The auto supplier management and process technology manufacturer announced in 2021 that the search for an investor had failed and the company was now up for sale. At the end of last year, the company’s management also had to admit that only one interested party was still negotiating with Allgaier. According to information from the business environment, the potential buyer is said to be a Chinese company already active in Germany.
How this can be reconciled with the CEO’s statements has remained open. It seems that dr. Agustini was supposed to be appointed to liquidate the Allgaier group.
Ministries give OK to sell
The Handelsblatt newspaper reports that according to information from government departments, the Federal Ministry of Economy is implementing an investment review procedure, since a sale to an investor outside the European Union is involved. According to reports, there are positive signs of release. The Department of Defense is also involved, as a spokeswoman confirmed Thursday: “From a defense policy standpoint, the Department sees no indications that the current acquisition will affect it.”
Almost any European company is in the focus of the Chinese
According to industry experts, the negotiations do not indicate an increased interest in German suppliers. Gone are the days of technology transfer. According to a specialist in corporate acquisitions, Europe and Germany are no longer among the most dynamic markets for high technology.
what does that mean?
Another traditional company is on the verge of collapse. Remarkably, China has managed to make Europe look old in such a short time. Nowadays, high-tech is mostly bought in China.